Ukraine to receive more than $1 billion from the World Bank
Arup Banerji (Photo: www.worldbank.org/)
Ukraine will receive $1.2 billion from the World Bank under the guarantee of the Japanese government, according to the World Bank's press service.
As stated in the document, the funds will be used to support 29 social assistance programs for the most vulnerable population of Ukraine under the Investing in Social Protection for Inclusion, Resilience, and Efficiency (INSPIRE) project.
The money will be used to support orphans, children in care, socially disadvantaged students, as well as victims of the Chornobyl nuclear power plant disaster and human trafficking.
Arup Banerji, World Bank Regional Director for Eastern Europe, highlighted that the project is anticipated to reach nearly 10 million Ukrainians during a crucial period. This will enhance the Government of Ukraine's capacity to offer social assistance to those in need, particularly as winter approaches, ensuring millions of Ukrainians receive additional support for covering their bills and heating their homes.
The World Bank project
In October, the Cabinet of Ministers approved a $500 million loan to implement the Emergency Project for Inclusive Support for the Restoration of Ukrainian Agriculture (ARISE).
According to the Ministry of Agrarian Policy, the losses of Ukrainian agriculture due to the war may amount to about $40 billion.
It should be noted that the FAO (Food and Agriculture Organization of the United Nations) Rapid Response Plan for Ukraine for 2023 includes three main areas that will require funding of $205 million.
Japan's assistance to Ukraine
On October 7, Ukraine and Japan launched the first round of talks on security guarantees. The East Asian country became the fourth after the United States, the United Kingdom, and Canada to start such talks with Kyiv.
Japan and Ukraine will also cooperate on the restoration and demining of the territories liberated from Russian occupation.
